What is Chalk Paint?

When I started researching furniture flipping the topic of chalk paint became a recurring term popping up in my searches.  

this type of paint gives surfaces a dreamy, chalky texture, as shown on the blue dresser above from A Simpler Design. It's often used with soft wax, which seals the paint and leaves a matte finish. To produce a distressed, "shabby chic" look, some crafters like to sand the painted surface, exposing the wood underneath, while others take a more modern approach and cover the surface with a solid coat of matte paint.